DOING BUSINESS 2016 RANK

DISTANCE TO FRONTIER SCORE

The distance to frontier score shows how far on average an economy is at a point in time from the best performance achieved by any economy on each Doing Business indicator since 2005 or the third year in which data for the indicator were collected. The measure is normalized to range between 0 and 100, with 100 representing the frontier. Read more...

DISTANCE TO FRONTIER SCORE

The distance to frontier score shows how far on average an economy is at a point in time from the best performance achieved by any economy on each Doing Business indicator since 2005 or the third year in which data for the indicator were collected. The measure is normalized to range between 0 and 100, with 100 representing the frontier. Read more...

DISTANCE TO FRONTIER SCORE

The distance to frontier score shows how far on average an economy is at a point in time from the best performance achieved by any economy on each Doing Business indicator since 2005 or the third year in which data for the indicator were collected. The measure is normalized to range between 0 and 100, with 100 representing the frontier. Read more...

Starting a Business

The steps of launching a business are shown below. Included are: the number of procedures entrepreneurs can expect to go through to start up and formally operate an industrial or commercial business, as well as the time and cost to complete these procedures and the paid-in minimum capital requirement as a percentage of gross national income (GNI) per capita.

DOING BUSINESS 2016 RANK

DISTANCE TO FRONTIER SCORE

The distance to frontier score shows how far on average an economy is at a point in time from the best performance achieved by any economy on each Doing Business indicator since 2005 or the third year in which data for the indicator were collected. The measure is normalized to range between 0 and 100, with 100 representing the frontier. Read more...

Procedure – Men (number)

The total number of procedures required for married men to register a firm. A procedure is defined as any interaction of the company founders with external parties (for example, government agencies, lawyers, auditors or notaries).

Time – Men (days)

The total number of days required for married men to register a firm. The measure captures the median duration that incorporation lawyers indicate is necessary to complete a procedure with minimum follow-up with government agencies and no extra payments.

Procedure – Women (number)

The total number of procedures required for married women to register a firm. A procedure is defined as any interaction of the company founders with external parties (for example, government agencies, lawyers, auditors or notaries).

Time – Women (days)

The total number of days required for married women to register a firm. The measure captures the median duration that incorporation lawyers indicate is necessary to complete a procedure with minimum follow-up with government agencies and no extra payments.

Paid-in min. capital (% of income per capita)

The amount that the entrepreneur needs to deposit in a bank or with a notary before registration and up to 3 months following incorporation and is recorded as a percentage of the economy’s income per capita.

The Registrar of Corporations can perform a name search and reserve a corporate name for USD 20.

1 day

USD 20

2

Notarize the company documents

Agency: Notary

A notary must notarize the company documents.

3 days

USD 1.01 per page

3

File the incorporation documents with the Registrar of the Companies

Agency: Registrar of Corporations

The Registrar of Companies reviews the incorporation documents, and if they are acceptable, transmits the documents and the certificate of incorporation to the governor for approval. Although the law does not mandate the use of an attorney for company incorporation, a professional is normally used to avoid rejection of the application. The articles of incorporation include the following:- Company name;- Period of duration;- Company purpose;- Total number of shares;- Address of the registered office;- Number of directors and their names and addresses.

The fee for professional services, if used, is an additional USD 750.

7 days

no charge

4

Obtain the payment receipt (four duplicates) and pay the registration fee and license fee at the Finance Office of the state government

Agency: Finance Office of the Pohnpei State Government

Fee schedule for licenses: - Up to the first 10,000 authorized shares: USD 0.10 per share; - More than 10,000 and fewer than 100,000 authorized shares: USD 0.15 per share;- More than 100,000 authorized shares: USD 0.20 per share.

1 day

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5

Obtain the certificate of corporation

Agency: Registrar of Corporations

Business founders can obtain the certificate of incorporation at the Registrar of Corporations' Office.

Companies must register with the Social Security Administration to pay social security tax withheld from employees.

Social security tax is filed quarterly. The applicant needs to file the following documents:- Application form;- Incorporation charter and company bylaws;- Incorporation certificate;- Business license;- Record of employees (names, social security number, payroll record).

The Social Security Administration issues an employer identification card in a business day.